By Ikeoye Oyetoro
In a bid to boost local production of smart cards to meet the growing needs of banks and other institutions in theÂ private and public sectors of the economy, electronic Payplus Limited commissioned its Ultra modern card personalisation plantÂ in Lagos.
The plant which is located along the Lekki-Epe expressway is ISO certified and has full certification of verve card personalisation bureau based on the EMV standard and presently has a capacity for producing 7.2 million cards per annum and a lot of space for increasing the capacity as the business progresses.
Speaking at the event, the Managing Director/Chief Executive Officer of Electronic PayplusÂ Ltd, Mr Bayo Adeokun said â€œthe plant will enable us meet and exceed customers expectations through world class service delivery that guarantees fat, secured and assured delivery of smart cards to all our present and potential customersâ€.
He added that the company is primarily focusing â€œon delivering total smart card to the banking industry by offering a wide variety of plastic cards fro the simplest PVC to the most sophisticated smart contact and contact less cards, and offers low, mid and high volume personalisation systems as well as software solutions for electronic payment processing and chip personalization all of which are EMV certifiedâ€.
Analysing the security of the card holder, he said â€˜â€™we encode the card holders security information on the card after we might have produced the blank card and this is exactly what enable the card holders to use the card for whatever purpose he wishesâ€.
According to him, there are standards for us to meet among which security of all the necessary information that is physical security standard which this company must adhere to before we can get certification from certified authority e.g master card, interswitch and visa.
Also, the Minister of State for finance, Remi Babalola who was represented by his Special Assistant, Mr Bode Agunbiade emphasized on the importance of an effective payment system in any nation sayingÂ it will enhance the growth and development of this country because, as recent events in the global financial system has revealed, the financial services system is integrated as a whole, where events in one part have tremendous impact on the entire system.
According to him, â€œone of the technological innovations in banking, finance and commerce is electronic payments as it has undoubtedly made our lives better by cutting across distance, space and even timeâ€. He added thatÂ Electronic payment (e-payments) is a technological advancement that enables us to perform financial transactions electronically, thus avoiding long lines and other hassles.
Mr Agunbiade noted that as payment is an integral part of the mercantile process, electronic payment system is an integral part of e-commerce as its emergence has created new financial needs that in many cases cannot be effectively fulfilled by traditional payment systems.
He however called on all stakeholders to continuously generate systems that will reduce, if not eliminate all the observed risks associated with e-payment especially issues concerning integrity, transactions, authentication, financial risk and incidences of financial crimes.